The first new affordable housing community in more than 15 years has come to Fort Lupton, Colorado.
Officials celebrated the opening of Sagebrush Apartments, a 72-unit development with one-, two-, and three-bedroom units and a 2,300-square-foot clubhouse and leasing center.
It’s the latest community by The Michaels Organization, a prominent affordable housing developer and owner.
The low-income housing tax credit (LIHTC) development utilizes the program’s income-averaging option so the new homes will serve residents at a range of income tiers between 30% and 80% of the area median income.
“Having workforce housing located right on a major transportation corridor and so close to grocers, medical care, bank, hardware, auto parts, and even our new library has made this project even more important than we knew originally,” said mayor Zo Hubbard.
In addition to LIHTCs allocated by the Colorado Housing and Finance Authority (CHFA), the $25 million Sagebrush Apartments was supported by several other funding partners. The Weld County Housing Authority provided vouchers, and the Fort Lupton Housing Authority assisted in obtaining a PILOT for real estate tax relief. Berkadia Affordable Housing syndicated the tax credits to the Bank of Montreal (formerly Bank of the West), which also served as the construction lender. The state Department of Local Affairs provided vital Housing Trust Funds. Sagebrush will also go through a permanent loan conversion using the CHFA Department of Housing and Urban Development risk-share loan program.
“Sagebrush represents far more than just new apartments,” said James Weglarz, regional vice president of development at Michaels. “This new community is a significant investment in the lives of Fort Lupton residents and will ensure affordable housing is an accessible resource for all in southern Weld County.”
Certified as an Enterprise Green Community, the new development is part of a greater redevelopment effort spanning 12 acres to bring residents and businesses to the growing area.
The development team included architect Kephardt and general contractor B.C. Builders. The property will be managed by Michaels.
